FCX
Freeport-McMoRan
Cyclical Commodities
★ Quality 41/100Price today
$72.73
This company value is already calculated
We know what it is worth from its audited numbers, and whether it trades above or below that today. Create your free account to see it.
See what it is worthcharlieapp.co
What this business is made of
The business
Owner of one of the best rocks on the planet, at market price.
Freeport-McMoRan mines copper, gold, and molybdenum. Its crown jewels are Grasberg in Indonesia and mines across the Americas. It gets the spot price of copper per pound — no pricing power, just volume and cost. Revenue 2025: $25.9B.
The moat isn't the company, it's the geology. Grasberg is one of the largest copper and gold deposits on the planet, and nobody builds a mine like that from scratch — decades and billions of dollars. That said, it sells a commodity: the market sets the price, not Freeport.
Revenue history
From $22.8B to $25.9B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $25.9B · FY2025
Of every $100 in sales, $91 goes to costs and operations; $9 is left as net profit (9% margin).
Catalysts and risks
Energy transition: every electric car uses ~3.5x more copper than a combustion one.
Grasberg contract with Indonesia runs through 2041, securing the flagship mine.
Leaching expansion aims to add ~800M pounds of copper per year at low capital cost.
FCF of just $1.1B and Net Income at zero — the copper cycle punishes without warning.
Debt $9.4B against cash $3.8B: uncomfortable leverage in a price downturn.
Indonesia controls Grasberg via state majority; regulatory risk is permanent.
Charlie's note
“Paying nearly 7x for a business that doesn't set its own prices and grows at 3% is prudent: Grasberg's geology is irreplaceable, but a 28% margin is a reminder that copper and patience run the show here, not management.”
Analysis · June 2026
Want to follow Freeport-McMoRan?
We do not calculate a value here: Freeport-McMoRan does not generate cash flows you can project, and putting a number on it would be making it up. What you can do is follow it and tell us the price you care about — we will email you when it gets there.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.